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December 7, 2004

United States
No Warm Glow from the Nobel Prize Here

Or more precisely, one of this year’s Nobel Prize winners in Economics seems to disagree with parts of the analysis Nouriel and I have been putting forward. It seems like Nouriel and I don’t underst…

August 24, 2005

Financial Markets
Is Alan Greenspan encouraging moral hazard in … China?

Listen to one Chinese fund manager in this morning's Wall Street Journal:  "Mr. Zhu (who helps manage US dollar investments for the Bank of China) expresses confidence in the US dollar and the he…

November 3, 2005

Emerging Markets
What ever happened to US relations with Latin America?

One of the things that has fascinated me is that US-Latin America relations have soured so much under Bush's watch.  I think I am fascinated in part because I don't really buy the standard ex…

August 24, 2005

United States
Are we ignoring the United States’ strengths?

Anantha Nageswaran of Libran Asset Management in Singapore has submitted a set of (lengthy) comments that respond, in some sense, to many of the points I and others have raised on this blog.   Check …

January 6, 2006

United States
The USA, China and Saudi Arabia - the big three of global adjustment?

The standard discussion of the unbalanced world divies the world up into three: the US, Europe and Japan/ Asia.   And the standard discussion of global imbalances says all three need to do their part…

March 29, 2006

China
Exit Schumer and Graham, Enter Grassley and Baucus

Schumer-Graham won't be brought to a vote until September.   China's central bank governor Zhou must  be persuasive.  Maybe he plotted out where the RMB will likely be if China continues with…

January 28, 2006

China
Another great irony of history: The Chinese Communist party is a very profitable real estate company

Max Sawicky noted that key source of recent job creation in the capitalist United States has been the US government, which itself is financed, in no small part by the People's Bank of China.  The…

January 10, 2006

United States
Directing the perennial dollar horror story

(Dollar) gloom and doom sells.  Even if it isn't true.So says Bloggin' Wall Street Folks who worry about the trade deficit are in denial. They cannot accept that in the new (financial globali…

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April 17, 2006

Monetary Policy
Treading water (the February TIC data and ongoing central bank financing of the US)

The world bought $87b more of US long-term debt and equity than the US bought of foreign debt and equity.    The net inflow exceeded expectations - there were some concerns that TIC inflow wouldn&#39…

May 27, 2006

Emerging Markets
Have emerging markets changed more than the markets?

Is the lesson of the most recent bout of turmoil in the emerging world “emerging market economies have changed, but the markets have not”?How have emerging economies changed since 1997, the last time…